how was your quarter?, page-4

Yeah, they're in a tough spot.

Previous management should be shot for taking on so much debt in a cyclical business, especially considering their own debt scare in 2008/09 during the *debt induced* GFC. It Kinda makes a mockery of their "125 years" experience tagline used at the end of their media releases.

It looks like the vulture funds (one exception) are holding off until they see some improvement in commodity prices. If/when that happens, then (sadly) I don't think existing shareholders will be part of it in any meaningful way.

It looks, feels and smells like a similar fate is brewing to that which happened with Prime Infrastructure (nee Babcock and Brown Infrastructure).